Money: Relevance vs. Reverence.


by Brandon Steiner November 20, 2012 0 Comments

When you’re in business, you have to be careful about how you look at money.

Of course, money is relevant to any business: you’re gonna have to make some. The trick is not to revere money, to not be focused on money.

Lemme give you an example.

After we started selling autographed baseballs at Steiner Sports, it wasn’t long before we were making solid money on them. We had found a good niche, so of course we wanted to milk it, capitalize as much as possible.

We discussed some obvious options: charging more per ball, getting players to sign more balls for the same fees, finding a cheaper way to ship them…all of the logical ideas you’d come up with in that situation.

But in reality, none of them were going to have a significant impact.

Then we thought more about the balls, and the people who bought them. We did some customer role-playing: “I just bought this great Derek Jeter-signed ball. Now what do I need?”

Then it hit us. Cases! We were selling all these great balls, but without anything for our customers to put them in.

So we started buying glass cases, and selling those. And that decision did positively affect our bottom line.

It’s like I say in my book: “If you want more business, don’t pay attention to the money. Pay attention to the thing that makes the money.”

When we were focusing on the margins we made on each ball - revering money itself - we were helpless. But when we honed in on our customers, and the product itself, we were golden. And that was the approach that led to the money.

Money’s always relevant to the equation, of course. But it’s never the heart of it.

What about you? Are you revering the almighty dollar?

Or are you revering the parts of your business that lead to the almighty dollar?




Brandon Steiner
Brandon Steiner

Author

Brandon Steiner is the founder and chairman of Steiner Sports Marketing and Memorabilia, the largest company of its kind in America. Considered a sports marketing guru, Brandon is a permanent fixture in the media as a regular on ESPN NY Radio 98.7 FM and as host of "The Hook-Up with Brandon Steiner" on YES Network. He has appeared frequently on CNBC, CNN, MSNBC, ESPN, and in newspapers including the New York Times and the Wall Street Journal. The author of The Business Playbook: Leadership Lessons from the World of Sports and You Gotta Have Balls: How a Kid from Brooklyn Started From Scratch, Bought Yankee Stadium, and Created a Sports Empire, Brandon lives in Scarsdale, New York, with his wife, Mara and children Crosby and Nicole.




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